EQT Corp. (EQT) Prices $1B of New Senior Notes

EQT Corporation (NYSE: EQT) ("EQT") today announced that it has priced an underwritten public offering (the "Offering") of $1.0 billion in aggregate principal amount of senior notes consisting of $500 million in aggregate principal amount of its 5.678% senior notes due 2025 and $500 million in aggregate principal amount of its 5.700% senior notes due 2028 (together, the "Notes"). EQT expects the Offering to close on October 4, 2022, subject to the satisfaction of customary closing conditions.

EQT intends to use the net proceeds from the Offering, together with cash on hand, borrowings under its revolving credit facility and/or borrowings under a new term loan facility, to fund the cash consideration relating to its previously announced acquisition of all of the issued and outstanding membership interests of each of THQ Appalachia I Midco, LLC and THQ-XcL Holdings I Midco, LLC (the "Acquisition"). If the Acquisition is not consummated on or before June 30, 2023 or if EQT notifies the trustee of the Notes that EQT will not pursue the consummation of the Acquisition, EQT will redeem the Notes then outstanding at a redemption price equal to 101% of the principal amount thereof plus accrued and unpaid interest thereon to, but excluding, the date on which the Notes are redeemed.

RBC Capital Markets, LLC, Mizuho Securities USA LLC and PNC Capital Markets LLC are acting as joint book-running managers and underwriters for the Offering. The Notes will be issued pursuant to a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement once available, may be obtained on the Securities and Exchange Commission's website at www.sec.gov or by contacting RBC Capital Markets, LLC toll-free at 866-375-6829, Mizuho Securities USA LLC toll-free at 866-271-7403, or PNC Capital Markets LLC toll-free at 855-881-0697 or [email protected].

This news release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor will there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation or sale.

Investor Contact: Cameron Horwitz Managing Director, Investor Relations & Strategy 412.395.2555 [email protected]

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